As you may have seen in the news, Nutmeg has partnered with the Connecticut Department of Motor Vehicles to provide DMV Express services. I’d like to take some time to talk about the reasons why Nutmeg decided to create this joint venture and the value it brings to members.
For many years the AAA Northeast motor club locations across Connecticut provided license renewal services. Last year, AAA ceased providing these services in the southern part of the state. Nutmeg, among other organizations, provided proposals to the state in a bid to be selected to offer these services. Nutmeg was chosen as one of the partners, and our first shared location has recently opened in Milford, conveniently located at 977 Boston Post Road next to the ShopRite store!
This first of its kind location offers state of the art technology intended to create a modern experience and convenience for transacting business for either Nutmeg or DMV. At this location, CT residents will be able to do license renewals, license replacements, and address changes.
This custom technology was built in conjunction with our new subsidiary, DaLand LLC. As you know, Nutmeg has been undergoing a tremendous technological evolution over the past 4 years, and DaLand LLC has been an integral part of these developments. DaLand LLC is a well-established technology consulting firm that services many credit unions across the country. As Nutmeg continues to transform into a tech-driven financial institution, it was a natural step to create a CUSO in partnership with DaLand LLC.
CUSOs, or Credit Union Service Organizations, are very common among credit unions. These service organizations help provide advanced services for members and even to other credit unions. Our CUSO will be dedicated to making all our services even more convenient and easy to use, whether in branch, online or on your mobile device. You can expect to continue to see your experience improve no matter where or how you do your banking! Additionally, our CUSO will allow Nutmeg to help other credit unions evolve their services and help them thrive in an ever-challenging marketplace.
With demand and volume expected to be high in Milford, we have created the ability to schedule a return time later in the day, or hold your place in line allowing you to come back closer to your expected service window through our kiosk based check-in system. We are the first to offer such services in CT and best of all, the $8 service fee is waived for Nutmeg members (all other DMV fees apply).
We are very excited to provide DMV Express services to all of Connecticut. As I’m sure you know, banking is a very competitive industry, and this an enormous opportunity for Nutmeg to be introduced to many, many new families from all over the state.
This is a rare opportunity given that day-to-day branch transactions are declining across the banking industry. According to recent research, branch transactions will continue to decline another 36% by 2022. Most transactions are easy to do online or from a mobile device, and consumers of all ages are choosing this option more and more frequently. With this decline in traffic, many financial institutions are reducing their physical presence. Nutmeg, however, knows the value of our locations to our members and has continued to expand our footprint and grow! Partnerships like the one with the DMV allow us to expand our network and create awareness to a whole new group of people.
This location is also our first that has fully self-serve banking technology. We know that members visit branches to do lots of different kinds of transactions, and we want to make sure the technology exceeds expectations. This state-of-the-art technology has been developed over the past few years by Nutmeg. We have worked hard to make sure that the self-serve option has a broad range of abilities. You can open accounts, apply for loans, deposit or withdrawal cash and checks, get a new debit or credit card, and much more through our interactive banking stations. Nutmeg staff will be available to assist and educate members about the technology.
We are excited about our new partnership with the DMV and about the ongoing innovation in branch technology. We hope to see you there to do your banking or when you do your next driver license renewal.
President & CEO